China believes that Taiwan is an inalienable part of China and that Taiwan is part of its territory and routinely threatens to invade it to prevent Taiwan's formal independence. On Saturday 18th of February 2023, China's top diplomat Wang Yi said, at the Munich International Security Conference: "Taiwan has never been an independent country, nor will it be an independent country in the future. This is the status quo of the Taiwan issue”. As greater and more aggressive Chinese military exercises outside Taiwan become the norm, there are rising concerns of a full-blown cross-strait crisis with severe military and far-reaching economic repercussions for the global and Chinese economy. A China-Taiwan conflict will have a worse effect than the Russia-Ukraine war given the economic and industrial power that the two countries possess.